[THE INVESTOR] LG Uplus said on Jan. 29 that its fourth-quarter net profit plummeted 55.4 percent from a year earlier due to sluggish mobile sales and increased spending on 5G infrastructure.
Korea’s No. 3 mobile carrier said its net profit reached 65.5 billion won (US$58.60 million) during the October-December period, as compared with 146.8 billion won a year ago, the company said in a regulatory filing.
Operating profit dipped 49.1 percent on-year to 106.6 billion won, and sales also retreated 4.7 percent to 3.1 trillion won over the period, the company said.
For 2018, LG Uplus’ sales edged up 0.7 percent on-year to 12.4 trillion won on the back of increased subscribers for internet service and IPTV services.
The company’s capital expenditure in 5G network infrastructure reached 1.4 trillion won last year, surging 22.8 percent from 2017.
By Ram Garikipati and newswires (firstname.lastname@example.org)